ESOMAR-certified consulting firm Future Market Insights’ report, projects the global OHV telematics market to record growth at 15% CAGR over the forecast period of 2022 and 2032.
Growing demand from construction industry is accelerating OHV telematics sales across the globe. Demand for OHV telematics is rising extensively in emerging economies as are becoming more aware for the vehicle safety.
Increasing application within rental equipment companies, mining industry and for safety & security of vehicles will continue creating sales opportunities. As per the FMI’s analysis, despite the slight setback due to the pandemic, the global OHV telematics market registered the Y-o-Y growth at 14.50% CAGR during 2020-2021.
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What are the Growth Prospective for Off-Highway Vehicle (OHV) Telematics Market?
“Due to the increase in construction, agriculture and mining activities in the remote and inaccessible areas, there has been a growing demand for telematics trackers, geo tab devices, and geo tab dash cams. Another OHV telematics market trend shows rise in demand for mix telematics trackers and Bluetooth telematics.”
Steady recovery in automotive industry and recommencement of automotive production & manufacturing companies across the globe have improved the market growth.
Government increasing funding and initiatives towards the safety of vehicles have compelled the manufacturers to increase the adoption of telematics within the off highway vehicles.
Stringent regulations for the vehicle safety across the U.S., Germany, India, China and the U.K. is also expected to improve the adoption of OHV telematics over the coming years.
According to the FMI’s analysis, the global OHV telematics market reached a valuation of US$ 421 Mn in 2021.
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Key Takeaways from FMI’s OHV Telematics Market Study
- By end-use application type, construction segment will emerge as primary OHV telematics end-user, accounting for 64.4% market share.
- In terms of sales channel, original equipment manufacturers are the most preferred over the aftermarket service providers, exhibiting growth at over 11.4% CAGR
- In terms of technology type, cellular technology will cement its dominance during the forecast period, expanding at 11% CAGR
- The U.S. will emerge as the leading market across North America backed by the high demand within the construction industry
- Japan and South Korea will collectively account for over 6% of global market share over the forecast period
- Germany and the U.K. are anticipated to lead the Europe’s OHV telematics market, exhibiting the growth at 10.20% CAGR
- Increasing application in precision farming will bolster the demand of off-highway vehicle telematics across India through 2021
“Growing consumer preference for advanced telematics technology in off-highway vehicles for usage in construction, mining and agriculture equipment has bolstered the adoption of telematics, generating lucrative prospects for market players,” says the FMI analyst.
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Competitive Landscape
TomTom International, Harman International, ORBCOMM Inc., Topcon Corporation, MiX Telematics, Navman Wireless, Omnitracs LLC, Wacker Neuson, Trackunit A/S and Zonar Systems Inc. among others are some prominent players operating in the OHV telematics market.
As per the FMI’s analysis, the market is dominated with top 5 players operating in OHV telematics market, accounting for 25% of market share. Top 5 players include, TomTom International, Harman International, MiX Telematics, ORBCOMM Inc., and Omnitracs.
Key players are adopting strategies such as adoption of artificial intelligence along with new product launches to maintain their position in the industry.
Long-term agreements with OEMs and targeted mergers & collaboration will also be one of the key strategies adopted by market players.
For instance, in April 2021, HBS systems, leading provider of web-based equipment dealership management solutions and rental software announced the launch of an advanced telematics with Kubota, an automotive dealership in North America.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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